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The familiar pattern of Chinese consumption growth

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  • Paul Hubbard

    (Treasury, Government of Australia)

  • Samuel Hurley

    (Treasury, Government of Australia)

  • Dhruv Sharma

    (Treasury, Government of Australia)

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    Abstract

    Since the beginning of China’s ‘reform and opening up’, high rates of investment spending have dramatically expanded the productive capacity of the Chinese economy, and accommodated the migration of hundreds of millions of rural agricultural labourers to the industrial and services sectors. This has underwritten a sustained boom in Chinese household consumption, even though it has declined as a share of Chinese GDP. While unique in its magnitude, China appears to be following the same development path of Japan, Korea and Singapore. As the migration of the labour force from agriculture to urban based industry runs its course, and as higher income consumers demand more labour intensive services, household incomes — and with it household consumption — is likely to stabilise as a share of GDP.

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    Bibliographic Info

    Article provided by Treasury, Australian Government in its journal Economic Roundup.

    Volume (Year): (2012)
    Issue (Month): 4 (December)
    Pages: 63-78

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    Handle: RePEc:tsy:journl:journl_tsy_er_2012_4_3

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    Related research

    Keywords: Chinese economy; consumption; rebalancing;

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    1. Veasna Kong & Adam McKissack & Dong Zhang, 2012. "China in a new period of transition," Economic Roundup, Treasury, Australian Government, Treasury, Australian Government, issue 4, pages 42-62, December.
    2. Barry Eichengreen & Donghyun Park & Kwanho Shin, 2011. "When Fast Growing Economies Slow Down: International Evidence and Implications for China," NBER Working Papers 16919, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Brendan Coates & Dougal Horton & Lachlan McNamee, 2012. "China: prospects for export-driven growth," Economic Roundup, Treasury, Australian Government, Treasury, Australian Government, issue 4, pages 79-102, December.

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